Not anytime soon. I am shutting it down for now myself.I am hoping that mining profits and BTC value go back up soon
I’ll keep mining until it drops below the cost of power. I get the same amount of eth regardless of the price so it makes sense to keep mining until it’s cheaper to buy it outright rather than pay for the power.
I guess if you are getting ready to dump cards while they are still scarce then it makes sense to stop. I’m trying to decide when I should do that.
Yeah my daily average went from $9-10, up to $16 yesterday (and now back down to normal). Not sure what happened tbh.
why do people (smaller home miners) stop mining when its 'not profitable'? are you cashing out to USD every day? or what? I try to mine the most when it is either low or not profitable because i get more coins for my hash power, then when the price goes up i am that much more ahead. plus mining at a loss helps with taxing.
Still doesn’t make sense unless your long term view of ethereum is that it is going to 0. Profitability in USD is determined when you sell, not when you mine.I would have to run the math and see if it makes sense, but you're basically switching from a business into an investment at that point. If you can spend $1,000 on electricity and get 10,000 coins, or spend $1,000 on buying coins and only get like 5,000, then in that case maybe it would make sense if you believe in it from an investment standpoint. The nice thing is that if you form a business at least you can write-off that loss on your taxes, although you'd end up paying capital gains if the coins appreciate and you held on to them long-term. But from a business standpoint it doesn't really make sense.
I think the point is that when the power cost to mine is more than buying the coin directly it just makes more sense to turn off the rig and use your power budget to buy coins. You will get the same or more amount of coins so it doesn’t make sense to mine at that point.Still doesn’t make sense unless your long term view of ethereum is that it is going to 0. Profitability in USD is determined when you sell, not when you mine.
I can see that point, but by my math, Eth prices would need to be well under $1k to be unprofitable.I think the point is that when the power cost to mine is more than buying the coin directly it just makes more sense to turn off the rig and use your power budget to buy coins. You will get the same or more amount of coins so it doesn’t make sense to mine at that point.
If you are a business and claim power as expenses then it makes more sense to keep mining in a down market but even then there is probably a limit.
I can see that point, but by my math, Eth prices would need to be well under $1k to be unprofitable.
Daily output according to whattomine for a single 3090:
Output: 120MH/s
Energy: 300w
Revenue: 0.001677 eth
Power cost: $0.80 (7.2 kwhr @ $0.11)
Eth cost: $3k
That would make breakeven eth price of $477. If your power costs are really high like CA (closer to $0.22) that would make breakeven closer to $1k.
Im in Cali and still mining